Tag: oil in Libya

Today, oil supplies about 40% of the world’s energy and 95% of its transportation energy. As a result, those who own the lion share of the reserves of this precious energy source are at the driver’s seat of the world economy and their influence is steadily growing. Since the 1930s the Middle East has emerged as the world’s most important source of energy and the key to the stability of global economy. It is home to 65% of global oil proven reserves and 45% of its natural gas. According to the US Geological Survey over 50% of the undiscovered reserves of oil and 30% of gas are concentrated in the region primarily in Saudi Arabia, Iran, Iraq, Kuwait, UAE and Libya.